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Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO

EntrackrEntrackr · 7d ago
Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO
Medial

Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO Insurtech firm Turtlemint has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). This development comes a month after SEBI granted regulatory approval for the company’s plan. Turtlemint’s IPO comprises a fresh issue of equity shares worth Rs 660 crore (approximately $73.3 million), with the offer for sale (OFS) component of 2.86 crore shares. According to the UDRHP, the OFS will be led by Nexus Venture Partners, offloading 91.43 lakh shares, followed by Peak XV Partners with 79.21 lakh shares. Other investors, including Jungle Ventures, Blume Ventures, GGV Ventures, and angel investor Kunal Shah, will also participate in the OFS. Co-founders Anand Prabhudesai and Dhirendra Mahyavanshi will offload 21.12 lakh and 22.1 lakh shares, respectively. Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a marketplace connecting advisors with customers, offering insurance products across motor, health, and life categories. It also provides financial products such as mutual funds and loans, equipping advisors with digital tools to expand their business. Turtlemint will use the fresh IPO proceeds to allocate about Rs 193 crore toward salary expenses for technology and product development, and Rs 129 crore for investment in its subsidiary, TIB. The remaining amount will be used for cloud and server infrastructure, marketing, lease payments for existing properties, and other corporate purposes. As of the UDRHP filing date, Nexus Venture Partners is the largest shareholder with a 24.05% stake, followed by Peak XV Partners with 20.84%. Co-founders hold 8.72% and 8.33% stakes respectively, while Jungle Ventures holds 4.54% and Kunal Shah owns 1.45%. During H1FY26, the firm reported a twofold increase in operating revenue to Rs 463.3 crore, while losses widened 27% to Rs 126 crore.

Decoding Neysa’s Series A round, valuation and shareholding pattern

EntrackrEntrackr · 8m ago
Decoding Neysa’s Series A round, valuation and shareholding pattern
Medial

Generative AI startup Neysa raised $30 million in its Series A round led by NTT Venture Capital with the participation of Nexus Venture Partners, Z47, and others. The Neysa’s board has allotted 1,11,532 Series A compulsory convertible preference shares at an issue price of Rs 20,430 and also allotted 12,592 equity shares to collectively raise Rs 252 crore or $30 million, according to its regulatory filing accessed from Registrar of Companies (RoC). NTT Ventures led the round with Rs 75.67 crore or $8.9 million, followed by Nexus Venture Partners and Z47 (formerly Matrix Partners India), each contributing Rs 67.26 crore ($7.9 million). Anchorage Capital invested Rs 16.8 crore, while Sharad Sanghi also allotted Rs 25.22 crore worth of equity shares. The new capital will help Neysa scale its AI infrastructure, enhance research and development, and prepare for the launch of its Gen AI acceleration cloud service. According to Entrackr’s estimates, the company will be valued at around Rs 1,090 crore or $128 million (post-allotment). Neysa is an AI cloud and platform-as-a-service (PaaS) startup that enables users to manage and scale Generative AI projects in the cloud. Its offerings include Nebula, a platform for deploying and scaling AI workloads; Palvera, which streamlines network intelligence; and Aegis, designed to secure AI/ML ecosystems against emerging threats. Mumbai-based startup Neysa has raised $50 million to date, including its $20 million seed round. According to startup data intelligence platform TheKredible, Nexus Venture Partners and Z47 are the largest external shareholders in the company, each holding a 16.22% stake, with NTT VC and Anchorage Capital holding 14.83% and 4.32% respectively. The company’s founders, Sharad Sanghi and Aninya Das, collectively own a 43.09% stake. Neysa has not reported any operating revenue till FY24 but earned interest income from fixed deposits with banks and security deposits amounting to Rs 13.87 lakhs during the fiscal year ending March 2024. The company incurred a net loss of Rs 3.1 crore in the same period.

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